Focus on Farringdon
Devono’s Insights team is pleased to share with you our new Focus on Farringdon report. Now that Devono has relocated to Farringdon, in this report we further explore the appeal of this market for occupiers of all kinds and break down why the area is experiencing record levels of leasing.
Three months ago, we moved into our new home in Farringdon. Having immersed ourselves into the local area, we would like to share the latest office market activity in and around Farringdon.
What is immediately clear is that we are not the only ones to be seeing the appeal of this area. 2023 proved to be a record year for leasing in Farringdon, with multiple sectors registering historic highs in activity. These occupiers have been looking to reap the benefits that come with a Farringdon office, including the quality of local amenities and transport links, even despite the rapidly rising rents.
For a sample of some of the key points please see below:
- 1.4M sq ft leased – nearly two and a half times the take-up recorded in 2022
- HSBC pre-let 556,017 sq ft at Panorama, 81 Newgate Street – largest deal of 2023
- Prime Grade A rents at £115.00 psf – up 44% over five years
- Grade B options remain affordable – rents currently at £70.00 psf
Click the image below to download the report.
If you would like any further information on this report, please do not hesitate to get in touch, or alternatively you can find out more at our website www.devono.com.